Originally Posted by
carbuncle
Good Friday so try to do more good deeds and kaypo a bit here teeheehee....
Given your situation, if I were you I would first buy myself a nice dinner to congratulate on fully paying off first house (when that happens). But after that I will not make any move.
I would build up my reserves able to last me at least 6 months of expenses. Are you sure 15k is enough for you? Esp it is locked up somewhere... and not so liquid.
Once that is achieved, then by then market should have corrected bit more, can look for good yielding property to generate the desired income. Your expected income of 2.5k can be easily generated with good location MM around 600-700k. For larger units, if budget is tight you need to go for older projects with proven yield and clientele segment. Look at it purely from investment standpoint and don't let your personal preferences or prejudices cloud the judgement. *last point very important and not easy to achieve*
I'm curious though, with super low income, how do you get a 700k bank loan? You seem confident about it... care to share the secret? Spouse working in bank? You Ex Director of bank? Major shareholder? Wat...?